Bitcoin Prediction Markets

Prediction markets have become quite popular over the past few years, due to the wonderful pieces of information they provide. They are actually markets when users can guess the final outcome of various events. As a result, they can bet on these events and claim winnings.

The guesses derive from interpreting the facts and the winnings are available to users in real time. At the same time, prediction markets determine the public opinion to a huge extent. According to the odds of win, there are favorites and underdogs in any event and the people who bet on the events gather valuable information from the markets.

As technology progresses, Bitcoin prediction markets have become the trend in the online gambling industry. Bitcoin is a revolutionary digital currency and hence it is the most popular payment method available on the web right now.

There is no actual difference between prediction markets and Bitcoin prediction markets, other than the fact that Bitcoin is the default payment method for the latter. These markets reflect the growing need of people who bet on events to take advantage of Bitcoin.

Advantages of Bitcoin Prediction Markets

One of the strongest points of Bitcoin prediction markets is the fact that they are decentralized. This means that there is no direct control of the market and this is very important. The results are always accurate and everybody can confirm them.

Another great thing about Bitcoin prediction markets is the ability of all players to place the events they want. So there is great flexibility as to this matter. Any event is acceptable, no matter what the exact type of the event is. It can be an event from politics or sports, entertainment etc. the only limitation is that there needs to be a clear yes or no answer as to the specific event.

Of course, due to the nature of Bitcoin, every payment is easy and simple. Most of all, every payment is safe. Cryptocurrency allows users to proceed with absolute safety and enjoy their payments without any delay.

In addition, there are great features in Bitcoin prediction markets that add to the user experience. So any player can bet swiftly and efficiently, without any special knowledge requirements and without any complex systems like used on bitcoin brokerage platforms.

The advantages of using BTC prediction markets are the following:

Decentralized prediction markets

Accuracy and easy validation

Ability for users to place their own events

Flexibility

Ease of use

Safety, privacy and anonymity

Great features

Disadvantages of Bitcoin Prediction Markets

There are of course several disadvantages that have to do with the use of Bitcoin prediction markets. First of all, up till now not many people prefer Bitcoins as their default payment method. So the target group of such markets is not yet wide. Another problem lies in the fact that Bitcoin wallets can go away. To be more specific, a Bitcoin user might experience a hard disk crash and lose his wallet within minutes.

More than that, there is significant fluctuation as to the price rates of Bitcoin. So the exchange rates are not solid and you can never be sure of the money you bet and win. Without any physical form of any kind, Bitcoin includes the risk of any other cryptocurrency. When it comes to deciding which way to go, most people prefer the tangible option of “real money”. Which is, in the bitcoiner´s point of view, worthless fiat paper.

So the basic disadvantage is that Bitcoin prediction markets do not apply to a wide network of people – yet. Most will still feel safer to use their credit cards and get the average exchange rates that apply to their local fiat currency. Moreover, it can be hard to become familiar with the use of Bitcoin. So those who do not have Bitcoin accounts will find the use of this cryptocurrency challenging.

The disadvantages of BTC prediction markets include the following:

Narrow spectrum of Bitcoin users

Possibility of losing Bitcoin wallets

Price rates’ fluctuation with Bitcoin

Preference of people towards conventional payment methods

Difficulty in learning how to use Bitcoins

Betting Options

There is no limitation as to how much you can bet on prediction markets, whether they involve Bitcoins or not. To be more particular, every prediction market sets its own limitations and includes a percentage of money in the form of fee.

So you should check out different Bitcoin prediction markets and find the most suitable one for you. Comparing and contrasting their features, their rates and their security measures and you will reach the best decision.

Bottom Line

Prediction markets have already become popular and they offer their users the opportunity to increase their winnings through betting. They use events of all sorts, so as to launch polls where every user can place bets. The process is really simple and easy to complete. At the same time, prediction markets set the trends in the market and influence public opinion through the bets that users have placed.

Bitcoin prediction markets are actually prediction markets that make use of Bitcoin as their payment method. They take advantage of Bitcoin’s security, privacy and anonymity to benefit their users. There are of course both pros and cons in the use of Bitcoin prediction markets. Bitcoin is a cryptocurrency (the most popular cryptocurrency all over the world, to be more specific) and it comes with both strong points and weaknesses.

If you have been searching for a safe and easy way to bet on events, you can turn to prediction markets. If you already have a Bitcoin account and you are familiar with its use, you should definitely check out Bitcoin prediction markets. You will realize that they provide you with innumerable options and great features. If, however, you do not have an account and you do not know how to use Bitcoin, start from there and then move on to the Bitcoin prediction markets.